Retail developer NewRiver has exchanged contracts to buy the freehold interest of a vacant department store in Wallsend, North Tyneside.
The site, originally occupied by the Co-operative Group, is adjacent to The Forum Shopping Centre, which NewRiver bought in 2010 as part of a portfolio of shopping centres in a distressed debt sale.
NewRiver plans to spend £1.5m to redevelop the 62,000 sq ft department store to provide four new large retail units. It said that it is in advanced discussions with retailers to prelet the space.
The firm also announced that it had entered into an option agreement to acquire significant adjacent land holdings currently owned by North Tyneside council. It plans a 45,000 sq ft extension to The Forum plus a 300-space surface car park partly on the adjoining land. It said that it is in advanced discussions with a supermarket chain for a prelet at the site.
NewRiver will submit a planning application within the next three to four months for the development.
daniel.cunningham@estatesgazette.com
